Java and minecraft server creation error

I have recently tried to create a minecraft server but have run into a huge problem:
[WARNING] **** FAILED TO BIND TO PORT!
[WARNING] The exception was: java.net.SocketException: Permission denied: create
[WARNING] Perhaps a server is already running on that port?
and help from a more experienced person would be much appreciated

Failed to bind errors happened when i had an app running on a socket and i would accidently start it twice during debugging. My guess is the port is being used. Can you do a netstat -a command and find out?